FG concludes to eliminate multiple budgetary operations

 

HE Federal Government may have concluded plan to phase out multiple budget fiscal operations if the disclosures of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, is the current reality.

The multiple budgetary fiscal operations entail implementation of more than one Appropriation Acts simultaneously and in the case of present regime, about three Appropriation Acts are running concurrently, attracting significant public debate.

While the Director-General of the Budget Office of the Federation, Dr. Tanimu Yakubu, has apparently endorsed this situation, Edun, yesterday at the Nigerian Economic Summit in Abuja, said there won’t be more budget extensions going forward.

Tanimu, defending the practice in the face of huge public criticism, explained that it is not a “fiscal anomaly” but a “transitional budget system” and an “institutional flexibility” that is legally backed by current fiscal laws to ensure the completion of capital projects.

But speaking at the evening plenary on “The Reform Imperative: Building a Prosperous and Inclusive Nigeria By 2030” at the Summit stated: “No more extensions of Budget into the next year which has created so much confusion in the system.  We have talked to NASS (National Assembly) and we have agreed to restore normalcy in that space.”